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Pinnacle Manufacturing: Part VI Part VI of the Pinnacle Manufacturing case covers analytical procedures and tests of details of balances for accounts payable.
Assume that the understanding of internal controls over acquisitions and cash payments, and the related tests of controls and substantive tests of transactions support an assessment of a low control risk. The accounts payable listing at year-end shows 519 accounts, making up the accounts payable balance of $11,277,989 at 31 December 20X2. Accounts payable balances between $50,001 and $200,000 total $4,075,355 and balances less than $50,000 are $4,792,683.
Required:1. List the relationships, ratios and trends that will provide useful information about the overall reasonableness of accounts payable. Consider income statement accounts that affect accounts payable in selecting the analytical procedures.
A barn, destroyed by fire, had a basis of $40,000. The owner received $50,000 in insurance proceeds. The barn was replaced by another barn costing $45,000. The basis of the new barn is:
Overhead is applied to contracts by using a predetermined overhead rate that is based on direct professional labor cost. Actual professional labor during the year was $655,000 and actual overhead was $793,000.
Isaac Company has a selling price of $10 per unit and expects to maintain ending inventories equal to 25 percent of the next month's sales. Calculate the budgeted beginning balance in units for finished goods inventory on November 1?
The master manufacturing overhead budget for the month based on normal productive capacity of 15,000 direct labor hours (7,500 units) shows total variable costs of $90,000 ($6 per labor hour) and total fixed costs of $45,000 ($3 per labor hour). N..
The management of Malit Corporation is investigating an investment in equipment that would have a useful life of 9 years. The company uses a discount rate of 17% in its capital budgeting.
Evaluate her entry date into the plan and determine Harriet's vesting years as of 31 st December, 2000
Write a memo to your partner, citing the relevant tax authority, to explain how much of the $85,000 loss Mike can deduct on his tax return.
A new sales representative, Mark Yount, has just received this copy of the month-end fincnail reports. He is puzzled by the term "unearned revenue." He left the following email message for you on the company's bulletin board system: What is this?
The measurement date for shares issued to employees in share option plans accounted for using the fair-value method is:
she contributed an additional $20000 to the corporation to help them. How much of her loss may she deduct as an ordinary loss?
The legal effect of the presence of a superceding event is that:
Star Services, Inc., a manufacturer of telescopes, began operations on October 1 of the current year. During this time, the company produced 50,000 units and sold 35,000 units at a sales price of $500 per unit. Cost information for this year is sh..
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